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ROCHESTER, N.Y., Jan. 23, 2019 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American: DSS), ("DSS"), a leader in anti-counterfeit, authentication, and diversion protection technologies, announced today its continuing expansion into the Asian market with the opening of a technology development, customer support and product sales office in Guangzhou, China.
As part of the expansion, the Company’s wholly-owned subsidiary DSS Asia Ltd. has acquired all the outstanding shares of Guangzhou HotApp Technology Ltd., a software development company based in Guangzhou, China. The acquisition provides DSS Asia with the valuable licenses that are required and critical to operating within the Chinese marketplace. The total consideration for the acquisition consisted of a $100,000, 2-year unsecured promissory note between DSS Asia Ltd. and Guangzhou HotApp Technology Ltd.
“The Chinese market represents a $30 trillion opportunity for imported products over the next 15 years. Brand protection and anti-counterfeiting solutions have become imperative for multi-national brands exporting products to China,” stated Vincent Lum, President of DSS Asia. “With the Chinese market representing a major growth opportunity for DSS’ multinational customers, building an in-market presence was important. The Guangzhou office will provide product support and development, sales, and marketing to address the specific and unique needs of the Chinese market,” added Lum.
“Establishing a local presence in Guangzhou, a historic trading hub for China, accelerates the presence we have already established in Hong Kong. Our solutions are often used to provide reliable product authentication capabilities for consumers,” stated Jeff Ronaldi, CEO of Document Security Systems, Inc. “With product and support professionals located in China, we can better support Chinese consumers and assist our customers with deploying solutions in China.”
In a Reuters report released last November, the China International Import Expo, held Nov. 5-10, 2018, brought thousands of foreign companies together with Chinese buyers in a bid to demonstrate the importing potential of the world's second-biggest economy. China imported $1.84 trillion of goods in 2017, up 16 percent, or $255 billion, from a year earlier. Of that total, China imported about $130 billion of goods from the United States.
ABOUT GUANGZHOU, CHINA
Geographically located northwest of Hong Kong, with a population of more than 12 million people, Guangzhou is China’s third largest city behind Beijing and Shanghai. Guangzhou has thousands of factories located throughout the city’s manufacturing zones producing enormous quantities of clothing, plastic goods, electronics and toys, which are shipped all over the world.
ABOUT DOCUMENT SECURITY SYSTEMS, INC.
For over 15 years, Document Security Systems, Inc. (“DSS”) has protected corporations, financial institutions, and governments from sophisticated and costly fraud. DSS' innovative anti-counterfeit, authentication, and brand protection solutions are deployed to prevent attacks which threaten products, digital presence, financial instruments, and identification. AuthentiGuard®, the company's flagship product, provides authentication capability through a smartphone application so businesses can empower a wide range of employees, supply chain personnel, and consumers to track their brands and verify authenticity. For more information on DSS, visit www.dsssecure.com.
Document Securities Systems, Inc.
Tel: (585) 232-5440
Forward-looking statements that may be contained in this press release, including, without limitation, statements related to the Company’s plans, strategies, objectives, expectations, potential value, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act and contain words such as “believes,” “anticipates,” “expects,” “plans,” “intends” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, our ability to continue the growth in sales of AuthentiGuard and manage our expenses, as well as those risks disclosed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 6, 2018. Forward-looking statements that may be contained in this press release are being made as of the date of its release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.